Yendo, a company known for launching a vehicle-secured credit card, has raised $50 million in a Series B funding round. This round saw participation from several notable investors, including Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners, Mark Cuban, and Clocktower Technology Ventures.
The new funding is set to accelerate Yendo’s efforts to expand beyond just secured lending, with a primary focus on establishing an AI-powered digital bank designed to serve millions of Americans whom traditional financial institutions have neglected.
In addition to the funding, there have been significant changes at the executive level. Lyft Co-founder Logan Green and Nick Huber, the founder of Spice Expeditions, will join Yendo’s board of directors. Their expertise is expected to guide the company as it continues to innovate and grow.
Yendo is making strides to open doors for underserved Americans by providing access to asset-backed credit cards. By unlocking approximately $4 trillion of trapped equity from automobiles and homes, the company enables customers to access credit products that are typically reserved for individuals with top-tier credit scores. As Yendo builds on this momentum, it is preparing to launch several new financial products in the fourth quarter of 2025. This is an essential step toward fulfilling Yendo’s vision of becoming a comprehensive digital bank for customers overlooked by conventional lenders.
One of the significant advantages of Yendo is its use of proprietary artificial intelligence. The company’s systems automate critical processes such as underwriting, asset verification, and lien filings in a matter of seconds. These processes, which can traditionally take weeks with legacy lenders and often incur high costs, become efficient and cost-effective with Yendo’s technology. In fact, Yendo has managed to reduce origination costs by as much as 95%, making it viable to serve borrowers that banks typically disregard.
Yendo’s innovative technology also creates strong digital identities for its users. This development is crucial in strengthening security measures against the growing threat of fraud, particularly as financial systems become increasingly reliant on digital transactions. With these technological advancements, Yendo customers can access competitive rates and rewards, with credit limits that may be up to eight times higher than those offered by traditional lenders.
The company is tackling a significant challenge in American finance, where approximately one in three individuals are denied access to meaningful credit and face difficulties in obtaining even basic banking products.
So far, Yendo has saved its customers over $200 million in interest and fees, all while consistently achieving impressive double-digit growth every month.
KEY QUOTE:
“We’re on a mission to transform consumer finance. Our patented AI systems prove it’s possible to unlock trapped asset equity safely and affordably at scale. They cut onboarding and operating costs by orders of magnitude, opening up the most powerful credit products in the market to underserved consumers. This funding accelerates our vision of building the bank for the underserved majority, a platform that’s already saved people hundreds of millions while providing significantly higher credit access. We’re well on our way to creating equity of financial opportunity for over 65 million Americans.”
Jordan Miller, CEO and co-founder of Yendo
